Maccer nails it again: Breakfast Roll Man is in need of a second chance

[SPN]

Another brilliant insight from the Ginger Terror

Breakfast Roll Man is in need of a second chance

But the bank assured him that they'd finance the first time buyers -- who apparently were getting 'more demanding'.

There'd be no problem and we'd be out by Christmas 2007, they said. Even if there was a bit of 'resistance' as they called it, the bank would roll over interest payments, 'kick' out the maturity a few years and wait for the buyers to snap them up.

Sure anyway hadn't everything worked for him before? He was sorted. Breakfast Roll Man had it all going on.

Today, he's looking at his ghost estate. Not one sold. The three auctioneers -- all of whom told him that they'd sell the houses off plans -- don't return his calls. Nothing is working, not even the idea of paying the first three years' interest for first time buyers. Prices are dropping like a stone and there is still no floor.

As for the banks, they are squeezing every last penny out of him. Worse still, the personal guarantees -- or 'PGs' as 'fin boy' called them -- mean that everything he worked for since 2000 is tied to this field on the N3. His whole world is cross-collateralised.

.....

Bertie had a social contract with Breakfast Roll Man. The Taoiseach did everything he could to keep house prices rising and this gave hundreds of thousands the impression that they were getting rich.

This illusion acted like a prosperous conveyor belt, which we could jump on and in so doing avoid the heavy lifting of hard work. Bertie promised Breakfast Roll Man a get-rich-quick scam and in return Breakfast Roll Man gave Bertie his support and ignored the blatant deficiencies in our public services. All this carry-on on Joe Duffy about class sizes, waiting lists and trolleys on corridors passed him by. The only thing that got him texting was the bleedin' toll bridge.

He even voted for Bertie last time because although house prices were beginning to wobble, he trusted Bertie to sort things out. As far as Breakfast Roll Man was concerned he voted for Bertie not Fianna Fail. But he realises now he was sold a pup. He doesn't know what to make of Cowen.

..
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[adamirer]

McWilliams writing, whether you agree or not with him, is very entertaining and insightful. I really like his thougth on the irish diaspora in the conclusing chapters of the 'Generation Game'.

[Digout]

Zanu-FF members hate him, when you mention him to them, they refer to him as "that floppy headed tosser".

If only they listened to him the last few years then old + sick would not be getting terrorised right now.

[JCSkinner]

Zanu-FF members hate him, when you mention him to them, they refer to him as "that floppy headed tosser".

If only they listened to him the last few years then old + sick would not be getting terrorised right now.

Oh, they've been listening to him recently alright.

[bob3344]

He's a tosser who predicted a property meltdown every year since 1999.

Eventually it happened, now he's considered a genius by some.

The waffle he prints is embarassing. Up there with Eddie Hobbs imo.

[Duth Ealla]

Even if McWilliams predicted in his Sunday Biz post article for the last five years that the bubble would burst the following monday then he is still right because the inescapable truth was and is that every housing bubble crashes. There is a reason its called a bubble.

I'd rather blame the people who pretended it would never happen than the man who said it will and got the date wrong.

If he messed up no big deal. They messed up and look at the trouble it caused.

[Gimpanzee]

I think he's touched on something else there too - that Bertie personified the boom times, and even though he's putting his feet up, there is seething resentment towards him now that the illusion has disappeared.

[jpc]

He's a tosser who predicted a property meltdown every year since 1999.

Eventually it happened, now he's considered a genius by some.

The waffle he prints is embarassing. Up there with Eddie Hobbs imo.

He was pointing out the consequences of unrestrained speculation with borrowed money.
One in particular was bars and fillingstations being bought and sold as "property plays"
His articles gave plenty examples of the results of same.
So whats all the tosser stuff about.
Time to come back from happy la la land.

[Gimpanzee]

He's a tosser who predicted a property meltdown every year since 1999.

Eventually it happened, now he's considered a genius by some.

The waffle he prints is embarassing. Up there with Eddie Hobbs imo.

ridiculous post.

[Rebel CNC]

Zanu-FF members hate him, when you mention him to them, they refer to him as "that floppy headed tosser".

Actually he was part of the FF inner sanctum including Cowen, Lenihan, Coughlan and some senior civil servants who decided on timing and details of bank bailout. Got well paid for it too no doubt.